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ByteDance’s short video platform TikTok today announced the launch of its new platform TikTok for Business.
TikTok for Business is meant to provide a range of marketing solutions to brand on a single platform.
When launched, the site will include access to various ad formats offered by TikTok including TopView that appears first when the app is launched, TechCrunch reported.
Most of the product offerings were provided by the platform previously. However, it has now consolidated all its marketing solutions for brands under a single umbrella. These ad formats also include in-feed videos, branded effects such as AR filers and branded lens, hashtag challenges, etc.
Branded effects and Hashtag Challenge have been the most effective ad formats on the platform so far according to an Entrackr report.
Apart from this, the social media platform has also introduced a new AR feature for brands called “Brand Scan.”
The ByteDance-owned platform has been bullish on ads to maximize revenue in India and abroad. The company in January had said that it was targeting a ₹100 crore revenue in India for the July-September quarter this fiscal, Entrackr had reported. The brand had been banking on its new ad formats to churn more ad revenue this year as brands, especially FMCG brands, have shown increased interest in such arrangements. Popular FMCG brands, including Pepsi, Lay’s Britannia and Oreo, have leveraged the platform in the past to reach out to consumers, according to a report in the Financial Express.
However, ad revenues of major platforms, including TikTok and Facebook, have taken a hit amid the pandemic as per reports.
Apart from its new platform for businesses, it is also launching a new e-learning centre to help markets learn about its offerings. The platform will include product guides, among other resources, TechCrunch reported.
Pricing for its marketing solutions is yet to be disclosed. Apart from this, TikTok is also reportedly testing a new platform called Creator Marketplace. The platform is meant to help businesses connect with creators and is similar to YouTube’s BrandConnect, TechCrunch reported.
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